What is your post COVID-19 Business Recovery Plan?

Life and Business have been very different for the past couple of months. Restrictions are starting to lift now. What is next for your business? What are your plans for the future post COVID-19?

A couple of weeks ago the ATO opened up monthly reporting for JobKeeper. The deadline to backpay your team to be able to claim for the first two fortnights has now passed. 

Now that you have your enrolment in, and even your first monthly reporting done, you need to focus on the next steps. 

There are a few things to consider from an accounting and numbers perspective:

• Are you organised for the monthly reporting requirements to the ATO?
• You still need to confirm eligibility as March and June quarter finish 
• Do you need any other advice or assistance on/with the Government Stimulus Package? And Grants?
• What are your legal options now you are receiving the JobKeeper payments?
• Are you looking to restructure your team?
• Are your HR requirements covered?
• Is now the time to implement different systems and processes?
• Cash flow and Business recovery planning 
• Have you done a cashflow forecast with a number of scenarios?
  • Income reduced by 50%
  • Income reduced by 75%
  • Expenses cut to minimum
  • Rent reduced, negotiated
  • Wages reduced 
  • How long can your business survive based on any of these assumptions?
• Have you done a general business review?
  • Banking/funding arrangements
  • Insurance policies and exposure 
• Wills, Estate Planning, Enduring Power of Attorney's etc.
• Do you need advice and accountability meetings?
  • Ongoing comparison and tracking to forecasts 
  • Government stimulus advice 
  • Regular meetings for ongoing assistance and facilitation, you need to regularly assess to ensure things are on track
• Compliance 
  • Are you records up-to-date? 
  • If you have liabilities and lodgements coming due, ensure that your reporting is timely for stimulus payment eligibility 
  • Are you properly addressing commitments to Superannuation, STP and all compliance requirements?

So where to next? Start now with your planning. 

We would love to help with implementing any changes you would like to make in your business. Now is the time to plan for the next "what if's"...

For assistance or further information, please contact The Money Edge.  

The Money Edge | Bundaberg